Ripple market overview: XRP/USD shoots over 5% on Monday
|- Symmetrical triangle breakout catapults XRP above $0.27.
- XRP's short-term target is $0.28 while keeping the price above $0.27 is the toughest short-term task.
Ripple is outperforming other major coins on Monday at the beginning of the European session. The crypto’s price action over the weekend has been relatively stable. XRP managed to sustain stability even as Bitcoin and Ethereum’s values thinned. XRP/USD has extended the bullish action from its opening price of $0.2556 to the intraday high of $0.2714.
At the time of press, Ripple is trading at $0.2671 amid a strong bullish action. The price is above the short-term simple moving averages. The 50 SMA on the one-hour chart currently at $0.2545 and the 100 SMA at $0.2523 are in line to offer support.
In spite of the rejection under $0.27, Ripple bulls managed to sustain a relative uptrend above an ascending trendline. The lower high pattern also contributed to the formation of a symmetrical triangle pattern that has led to the breakout being witnessed currently.
The relative strength index clearly shows Ripple bulls are in charge. The indicator is moving higher inside the overbought. On the contrary, a reversal could be underway as Ripple hits short-term overbought levels. Meanwhile, the target is set on $0.28 while the hardest task is to keep XRP above $0.27.
XRP/USD one-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.